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Fixing your Finances: Tips for applying for a loan

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YORK, Pa.-- Applying for a loan can be difficult, with many hidden factors that can reveal themselves once you are in the midst of the process.

A lender will pull your credit score, which will determine the interest rate you pay back on your loan.

After that, there are a number of other factors that will appeal to a lending officer, such as:

  • Stability and Ability to Repay
    • Stability – years worked for the same employer, lived at current residence
    • Your income relative to existing obligations – housing expenses, loans, credit cards
    • They’ll use those figures to calculate a debt to income ratio
    • Ideally you want that figure to be less than 28% of income, including the new loan

Of course, this is just the beginning of the process of applying for a loan.

Today on FOX43 Morning News, Bob Marquette, President & CEO, Members 1st FCU, is stopping by the set with more advice on what it takes to get a loan.

For more information or financial tips and advice, you can visit the Pennsylvania's Credit Union site here.